Updated: August 23, 2024 3:18 AM EDT
MakerDAO is a decentralized autonomous organization. die die
+0.029%
+3.56%
MakerDAO stated that the purpose of the rebalancing is to allow more users to hold significant amounts of the new governance token, NGT, thereby enabling broader participation in platform governance and democratizing the decision-making process.
Along with the introduction of NGT, MakerDAO will also be launching a new stablecoin, NewStable (NST), pegged 1:1 to Dai. Existing Dai and MKR tokens will remain active, allowing users to choose between the original token and the new token.
MakerDAO stated that “the two tokens are not expected to change for the time being unless governance decides otherwise.”
The proposal emphasizes user choice, stating that upgrading to NewStable and NewGovToken is optional. Users who switch to the new tokens can still revert to their original Dai and MKR, thus keeping the MakerDAO ecosystem flexible.
MakerDAO added that its ecosystem “will ultimately find ways to differentiate Dai.” According to the DAO, Dai can continue to focus on crypto-based use cases in this setup, while NewStable can aim for mass adoption.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Below are the current financial disclosures.
© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.